Wells Fargo announced a first-quarter earnings beat, but revenue missed estimates
A slew of big financial names announced their quarterly reports before the bell this morning, including Wells Fargo & Co (NYSE:WFC). The bank giant announced first-quarter earnings of $1.27 per share, beating analyst estimates of $1.23 per share, though revenue of $20.15 billion missed estimates. In a conference call, CEO Charlie Scharf said consumers "have remained resilient."
At last glance, WFC was down 4.4% at $60.32 after reversing its premarket gains. A recent floor of support at the $60 level is keeping losses in check. Year to date, the equity is down roughly 14%.
Over in the options pits, 35,000 calls and 37,000 puts have been traded so far -- double the overall options volume typically seen at this point. The weekly 4/11 60-strike put is the most popular, with positions being bought to open there. These contracts will expire after today's close.
Options look like a good way to go when weighing in on WFC. The stock's Schaeffer's Volatility Scorecard (SVS) of 88 out of 100 means its outperformed options traders volatility expectations over the past 12 months.